Global equity markets delivered a mixed performance in April 2026, as investors navigated ongoing trade policy uncertainty, resilient corporate earnings, and shifting central bank expectations across major economies.
Global Markets Overview
The MSCI All Country World Index declined 0.8% in April, as gains in Asian markets were offset by weakness in US technology stocks following cautious forward guidance from several large-cap companies. The US S&P 500 ended the month largely flat, while European equities posted modest gains supported by improving economic data.
Asian Markets
Asian markets outperformed in April, with the MSCI Asia ex-Japan Index rising 2.1%. Key highlights include:
- China/Hong Kong: Continued policy stimulus and better-than-expected manufacturing data supported sentiment. The Hang Seng Index rose 3.4%.
- ASEAN: Regional markets were broadly positive, with Indonesia and Vietnam leading gains on foreign inflow momentum.
- Malaysia: The FBM KLCI gained 1.2%, supported by strength in banking and plantation stocks.
Fixed Income
Malaysian Government Securities (MGS) yields edged lower during April, supported by a stable ringgit and muted inflationary pressures. The 10-year MGS yield settled at 3.82% at month-end.
Currency
The Malaysian Ringgit (MYR) strengthened 1.5% against the US Dollar in April, supported by improved trade balance data and positive sentiment towards emerging market currencies. This provided a tailwind for MYR-based investors holding foreign assets.
Outlook
We remain cautiously optimistic on Asian equities heading into the second half of 2026. Key risks to monitor include US-China trade developments, the pace of Fed rate adjustments, and domestic election cycles across several ASEAN economies. We continue to position our portfolios with a focus on quality, undervalued companies with strong fundamentals.
For fund-specific performance data, please refer to the individual fund fact sheets available on our Resources page or contact us at support@pheimunittrusts.com.